Alliance Islamic Bank Berhad contributed RM600,000 of Business Zakat for financial year 2023 to Lembaga Zakat Selangor on 15 March 2024.
Alliance Islamic Bank Chief Executive Officer, En. Rizal Il-Ehzan Fadil Azim handed over a mock cheque to En. Mohd Sabirin bin Mohd Sarbini, Chief Executive Officer of Lembaga Zakat Selangor in a ceremony at their headquarters in Seksyen 13, Shah Alam, Selangor.
An instrument of socioeconomic equity, zakat is a form of charity that aims to assist the poor and underserved communities. The zakat will be distributed to recipients in the form of direct assistance and economic empowerment programmes by Lembaga Zakat Selangor.
In line with the Bank’s mission, “Building Alliances to Improve Lives”, we aim to provide support and empower underserved communities towards sustainable livelihood and improvement.
Alliance Islamic Bank also collaborated with Lembaga Zakat Selangor for Alliance Islamic Bank’s Zakat Microfinancing Programme (“AZAM”), Malaysia’s pioneering Islamic social finance programme that utilizes zakat wakalah to help fund eligible asnaf micro-entrepreneurs in the country. In this programme, Lembaga Zakat Selangor assures the eligibility of the asnaf recipients while Amanah Ikhtiar Malaysia manages the microfinance operations. Since its launch in December 2023, the programme has helped 45 asnaf micro-entrepreneurs. The second phase of the programme will commence in Q1 FY25.
